McRaven was named sole finalist for the chancellor position July 29. State law required a waiting period of 21 days before he could be formally named.

UT watchers hope the new leader will turn over a new leaf for the system and its flagship, which have endured years of infighting spurred in part by the often rancorous relationship between Powers and outgoing Chancellor Francisco Cigarroa. This conflict peaked early last month, when Cigarroa again asked for Powers’ resignation. They eventually reached an agreement for the president to step down in June 2015.

Moody’s Investors Service issued a report Monday raising red flags around the issue, concerns with which Chairman Paul Foster and Regent Jeffrey Hildebrand said they “strongly disagreed.”

On Thursday, the nine-member regents board will discuss McRaven’s formal appointment in executive session; they are then expected to take a public vote. McRaven, the head of U.S. Special Operations Command best known for leading the raid that resulted in Osama bin Laden’s death, is expected to take over as chancellor in January.

Later during the meeting, regents will discuss putting together a search advisory committee to choose Powers’ successor. A plan to shift some audit functions and other services to the UT System is also slated to be approved Thursday. The change would free up $31 million in recurring funds that will allow campuses to keep tuition flat, according to the UT System.

The board will also discuss the implementation of new rules concerning sexual relationships between students and system employees, approve the allocation of more than $2.5 million to fund a student mental health task force and after-hours crisis counseling service, and introduce Claiborne “Clay” Johnston as the new dean of the UT-Austin Dell Medical School.

Johnston and Powers on Tuesday announced the LIVESTRONG Foundation would be giving the new medical school $50 million over the next 10 years.

Lauren McGaughy is a reporter in the Houston Chronicle’s Austin bureau. She can be reached at lauren.mcgaughy@chron.com and on Twitter @lmcgaughy.